0001|                         HOUSE BILL 289
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                        ANNA MARIE CROOK
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0006|     
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0007|                                
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0008|     
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0009|     
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0010|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR CAPITAL PROJECTS IN CURRY AND ROOSEVELT
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0014|     COUNTIES; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|       Section 1.  SEVERANCE TAX BONDS--AUTHORIZATIONS--
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0018|     APPROPRIATION OF PROCEEDS.--
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0019|            A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax Bonding
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0021|     Act in an amount not to exceed the total of the amounts
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0022|     authorized for purposes specified in Sections 2 through 5 of
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0023|     this act.  The state board of finance shall schedule the
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0024|     issuance and sale of the bonds in the most expeditious and
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0025|     economical manner possible upon a finding by the board that the
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0001|     project has been developed sufficiently to justify the issuance
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0002|     and that the project can proceed to contract within a reasonable
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0003|     time.  The state board of finance shall further take the
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0004|     appropriate steps necessary to comply with the Internal Revenue
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0005|     Code of 1986, as amended.  Proceeds from the sale of the bonds
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0006|     are appropriated for the purposes specified in Sections 2
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0007|     through 5 of this act.
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0008|            B.  The agencies named in Sections 2 through 5 of
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0009|     this act shall certify to the state board of finance when the
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0010|     money from the proceeds of the severance tax bonds authorized in
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0011|     this section is needed for the purposes specified in the
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0012|     applicable section of this act.
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0013|            C.  If the specified agency has not certified the
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0014|     need for the issuance of the bonds by the end of fiscal year
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0015|     1998, the authorization provided in this act shall be void.
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0016|            D.  Unless otherwise specified in this act, any
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0017|     unexpended or unencumbered balance remaining from the proceeds
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0018|     of severance tax bonds issued pursuant to Sections 2 through 5
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0019|     of this act at the end of fiscal year 1999 shall revert to the
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0020|     severance tax bonding fund.
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0021|       Section 2.  SEVERANCE TAX BONDS--STATE DEPARTMENT OF PUBLIC
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0022|     EDUCATION--PURPOSE.--Pursuant to the provisions of Section 1 of
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0023|     this act, upon certification by the state department of public
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0024|     education that the need exists for the issuance of the bonds,
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0025|     seven thousand dollars ($7,000) is appropriated to the state
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0001|     department of public education for the purpose of purchasing an
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0002|     automated voice bulletin board at Marshall junior high school in
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0003|     the city of Clovis located in Curry county.
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0004|       Section 3.  SEVERANCE TAX BONDS--DEPARTMENT OF
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0005|     ENVIRONMENT--PURPOSE.--Pursuant to the provisions of Section 1
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0006|     of this act, upon certification by the department of environment
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0007|     that the need exists for the issuance of the bonds, six hundred
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0008|     thousand dollars ($600,000) is appropriated to the department of
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0009|     environment for the purpose of designing, constructing and
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0010|     equipping a composting facility to compost sludge from the city
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0011|     of Clovis wastewater treatment facility located in Curry county.
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0012|       Section 4.  SEVERANCE TAX BONDS--BOARD OF REGENTS OF
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0013|     EASTERN NEW MEXICO UNIVERSITY--PURPOSE.--Pursuant to the
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0014|     provisions of Section 1 of this act, upon certification by the
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0015|     board of regents of eastern New Mexico university that the need
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0016|     exists for the issuance of the bonds, one million seven hundred
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0017|     thousand dollars ($1,700,000) is appropriated to the board of
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0018|     regents of eastern New Mexico university for the purpose of
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0019|     designing, constructing and equipping an interpretive center at
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0020|     Blackwater Draw, a national historical site near Portales
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0021|     located in Roosevelt county.
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0022|       Section 5.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0023|     TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions
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0024|     of Section 1 of this act, upon certification by the state
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0025|     highway and transportation department that the need exists for
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0001|     the issuance of the bonds, three hundred thousand dollars
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0002|     ($300,000) is appropriated to the state highway and
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0003|     transportation department for the purpose of making improvements
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0004|     to Curry county roads 13 and 14, Shumate addition and Utah and
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0005|     Lazy lane located in Curry county.
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0006|       Section 6.  EMERGENCY.--It is necessary for the public
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0007|     peace, health and safety that this act take effect immediately.
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0008|                              
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